What is money in your own words?

Money is a liquid asset used in the settlement of transactions. It functions based on the general acceptance of its value within a governmental economy and internationally through foreign exchange. The current value of monetary currency is not necessarily derived from the materials used to produce the note or coin.

What is money short answer?

MONEY: Money is a medium of exchange in the sense we all agree to accept it in making transactions. It serves as a medium of exchange, a unit of accounting nd a store of value. Hope it helps.

What does money really represent?

Money is a medium of exchange; it allows people to obtain what they need to live. Bartering was one way that people exchanged goods for other goods before money was created. Like gold and other precious metals, money has worth because for most people it represents something valuable.

What is money in economics class 12?

Money is the habitually accepted mode of exchange. In an economy that comprises only one individual, there cannot be any exchange of goods and therefore, there is no part for money. Money is anything that is generally accepted as a means of exchange and at the same time acts as a measure and as a store of value.

What is the importance of money in our society?

Money plays a huge role in the society in variety of ways such as in business, at peoples job, and even in education. Money helps people achieve a better quality of education, larger chance of business success, and higher work output.

What is money and function of money?

Money has three primary functions. It is a medium of exchange, a unit of account, and a store of value: Medium of Exchange: When money is used to intermediate the exchange of goods and services, it is performing a function as a medium of exchange. Additionally, the value of money must remain stable over time.

What is money in banking?

Money is any good that is widely used and accepted in transactions involving the transfer of goods and services from one person to another. Bank money consists of the book credit that banks extend to their depositors. Transactions made using checks drawn on deposits held at banks involve the use of bank money.

Why do we use money?

Put simply; money facilitates exchanges in the economy. It also acts a unit of account. In other words, we use it to measure the value of various goods and services in an economy. It essentially serves as a standard of value.

Who makes the money?

The Bureau of Engraving and Printing
Paper Money American paper currency come in seven denominations: $1, $2, $5, $10, $20, $50, and $100. The Bureau of Engraving and Printing (BEP) manufactures paper money. It also redesigns money, with new appearances and enhanced security features. BEP includes security features to prevent counterfeiting.

What is the value of money in your life?

Money is an essential commodity that helps you run your life. Exchanging goods for goods is an older practice and without any money, you cannot buy anything you wish. Money has gained its value because people are trying to save wealth for their future needs.